News
ANA Holdings predicts US$876.3 million full-year loss amid plans to cut 9,000 staff
November 1st 2021
ANA Holdings has predicted a 100 billion yen (US$876.3 million) full-year loss and revealed plans to cut staff numbers by 9,000 over five years after reporting an interim loss of 98.8 billion yen. Read More » Japanese media reported ANA will trim its workforce by 20% through retirement and hiring freezes but was resisting layoffs. The cuts will include flight attendants and ground staff shrinking the organization’s headcount to 29,000 by fiscal 2025. The company’s initial hopes of making a modest full-year profit were dashed as COVID-19 travel restrictions were introduced in Japan and across Asia. Emergency restrictions in Tokyo have been in place for more than 90% of the six months to September 30. “While an upturn in domestic passenger demand is visible and strong cargo demand continues, together with company-wide cost reduction efforts that combined contributed to improved operating income, ANA Holdings has revised its full-year financial forecast,’’ it said. “The revised forecast reflects findings that projected second half revenue will not be sufficient to cover the lack of revenue during the first half of the fiscal year.” The group is expected to return to profitability in the fourth quarter of its financial year by leveraging its new cost structure and harnessing recovering travel demand.
